London House Building – New Homes Target Exceeded
Recent figures published by City Hall revealed that 14,544 lower-priced homes were started in London in the year 2018/2019 – a figure that exceeded the 14,000 new homes target.
While it’s clear that more homes need to be built to fulfil the strong demand for new lower-priced properties in the Capital, the results are good news for Londoners struggling to get on the housing ladder.
Shared Ownership, which alongside Help To Buy and First Dibs for Londoners, is one of the schemes classified by the Mayor’s Office as falling under the lower-priced banner. Shared Ownership, also known as part-buy, part-rent, allows first time buyers to purchase a percentage of a home, typically 25% to 35%, with the rest owned by the housing provider.
The key advantage of the scheme is that a deposit and mortgage are only required for the share purchased, rather than the total value of the property – making it perfect for those with limited savings or no access to the bank of mum and dad.
From April 2018 to March 2019, we completed 162 Shared Ownership homes, and until March 2020 we plan on building 223 new part-buy, part-rent properties.
To find out more about Shared Ownership and our portfolio of homes, check out our website.
Are you looking for a stylish and modern home in London or the South East?
Southern Home Ownership is dedicated to providing stylish, high quality and contemporary new homes for sale on a Shared Ownership basis.
If you're a first-time buyer and interested in owning a Shared Ownership property in London or the South East, then click on this link to take a look at our latest developments.